Banking: Wilbur Ross chases shadows

The billionaire investor is scathing about the detrimental impact regulators and monetary policymakers have had on the financial sector. He’s calling time on investing in traditional banks and is turning his attention to non-bank specialist lenders instead.

Wilbur Ross is best known for his ability to
find distressed companies and turn them around for a large
profit – it is a talent that has given him an
estimated net worth of more than $2 billion. And in recent
years Ross’s sights have been firmly set on
financial companies. Since 2008 he has invested a reported $1.8
billion into banks.

But now he has had enough. NBNK Investments, the investment
company in which Ross took a 30% stake in 2013 and that tried
and failed to buy TSB from Lloyds, is closing. In 2010 NBNK had
raised £50 million in an IPO with the aim of financing
European banks. Six years later, it didn’t have a
single investment to show for it.

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